Williams’ future in Formula 1 is secure after the Racing division was sold to American firm Dorilton Capital, it was announced on Friday.
This decision is the result of a Strategic Review initiated back in May due to poor financial results last year plus the impact of Covid-19, opening the company up to offers of investment as well as the possibility of a full sale.
And now the latter has been agreed, meaning the end of an era for the Williams family in F1, but the name will continue for, hopefully, many years to come.
“Dorilton Capital is known for its long-term approach to investment and its key focus will be to restore the competitiveness of the team,” Williams said in a statement.
“This marks the beginning of an exciting new era in the history of Williams, which with its new owner, is now well positioned to capitalise upon the sweeping rule changes coming into Formula One with the new Concorde Agreement.
Also Read:
- A ‘mixed bag’ of emotions at Williams after improved start to 2020 season
- Williams confirms Russell & Latifi for 2021 F1 season
- Williams was planning new investor search before coronavirus hit
“This transaction received the unanimous support of the Board of Williams, including Sir Frank, who determined the transaction delivers the best outcome for the Company’s shareholders and secures the long-term success of the Williams Formula 1 team.
“Dorilton Capital is a private investment firm headquartered in the United States with a strong track record of building and enhancing companies with a flexible and patient investment style.
“Dorilton recognises and appreciates the importance of respecting and retaining Williams’ heritage and culture and is committed to maintaining its identity.
“The team will continue to race and compete under the Williams brand, with the chassis name remaining unchanged and Dorilton has no plans to relocate the team from Grove, its traditional home.”
While Williams is one of the most successful teams in F1 history, it has been a sharp decline in recent years, finishing bottom of the championship in each of the past two seasons.
This poor performance on track led to a gradual loss of revenue and increasing financial strife off it, and now the bleak economic outlook caused by Covid-19 meant new funding was needed to ensure its survival.
With new owners, the team hopes to capitalise on the new Concorde Agreement which sees a more level playing monetarily as revenue is more evenly distributed plus a new $145m budget cap coming into effect next year.
“The Strategic Review was a useful process to go through and proved that both Formula One and Williams have credibility and value,” deputy team boss Claire Williams commented.
“We have now reached a conclusion and we are delighted that Dorilton are the new owners of the team.
“When we started this process, we wanted to find a partner who shared the same passion and values, who recognised the team’s potential and who could unlock its power. In Dorilton we know we have found exactly that.
“People who understand the sport and what it takes to be successful. People who respect the team’s legacy and will do everything to ensure it succeeds in the future.
“As a family, we have always put our team first. Making the team successful again and protecting our people has been at the heart of this process from start.
“This may be the end of an era for Williams as a family-owned team, but we know it is in good hands. The sale ensures the team’s survival but most importantly will provide a path to success.
“We are enormously grateful to Dorilton for the faith they have shown in our team and we look forward to working with them now. I would also like to thank the Williams Board and our advisers who have worked tirelessly over the past months to make this happen and our employees who have remained steadfastly loyal.”